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TITLE 1 a regular account of all monies received by them as trustees; to which, every creditor, or other person interested therein, shall be at liberty, at all reasonable times, to have recourse.
$29. Out of the monies in their hands, the trustees may first decommissions. duct all the necessary disbursements made by them in the discharge of their duty, and a commission at the rate of five per cent. on the whole sum which shall have come into their hands. 84
$27. The trustees, within fifteen months from the time of their appointment, shall call a general meeting of the creditors of such debtor, by a notice to be published in the same manner, as herein before directed respecting the publication of the notice of their appointment; in which notice, they shall specify the place and time of such meeting, which time shall not be more than three months, nor less than two months after the first publication of such notice. Every such notice shall be published at least once in each week, until the time of such meeting. 83
$28. At such meeting, or other adjourned meeting thereafter, all accounts and demands, for and against the estate of such debtor, shall be fairly adjusted, as far as the same can be ascertained, and the amount of monies in the hands of the trustees declared.
$30. If they shall have been appointed trustees under the first Article of this Title, they shall pay to every attaching creditor the amount of any recovery which may have been had against him, on any bond he may have executed for the purpose of retaining any property or any vessel, for the henefit of all the creditors, and his costs for defending any such suit.
$31. Whenever any bond shall have been executed by an attaching creditor for the purpose in the last section specified, the trustees shall retain a sufficient sum from the monies in their hands to indemnify such creditor, until a final determination be had, respecting his liability.
U. S. &c. to
S 32. They shall pay all debts due by such debtor to the United be first paid. States, and all debts due by him to persons who, by the laws of the United States, have a preference in consequence of having paid money as sureties of such debtor.
$ 33. They shall distribute the residue of the monies in their hands, among all those who shall have exhibited their claims as creditors, and whose debts shall have been ascertained, in proportion to their respective demands, and without giving any preference to debts due on specialties, as follows:
(83) 1 R L. 161, § 17; 469, § 21. (84) 1 R. L. 164, § 27; 469, § 22.
1. In the case of proceedings under the first Article of this Title, ART. 8. among those who were creditors at the time of issuing the first warrant of attachment:
2. In proceedings under the third and fifth Articles of this Title, among those who were creditors at the time of the execution of the assignment by the insolvent :
3. In proceedings under the fourth Article, when an assignment was executed by any officer as therein directed among those who were creditors at the time of the first publication of notice to creditors to appear and determine whether they will unite in a petition; and when the assignment was voluntary, among those who were creditors at the time of the execution thereof:
4. In proceedings under the sixth Article, among those creditors, at whose suit the debtor was imprisoned on execution at the time of his discharge.65
$34. In making such distribution, the trustees shall first pay all Debts due debts that may be owing by the debtor as guardian, executor, admi- as guardian, nistrator or trustee ; and if there be not sufficient to pay all debts of the character above specified, then a distribution shall be made among them, in proportion to their amounts respectively.
$35. Every person to whom a debtor (except one proceeding un- Creditors der the sixth Article,) shall be indebted on a valuable consideration, are not dug. for any sum of money not due at the time of such distribution, but payable afterwards, shall receive his proportion with other creditors, after deducting a rebate of legal interest upon the sum distributed, for the time unexpired of such credit. 86
$36. Where mutual credit has been given by any debtor (except Mutual crea debtor proceeding under the sixth Article of this Title,) and any when set off. other person, or mutual debts have subsisted between such debtor and any other person, the trustees may set off such credits or debts, and pay the proportion or receive the balance due. But no set-off shall be allowed of any claim or debt, which would not have been entitled to a dividend, as herein before directed.87
$37. No set-off shall be allowed by such trustees, of any claim or Set-offs debt, which shall have been purchased by, or transferred to, the person purchased. claiming its allowance, which could not have been set-off by him, according to the provisions of this Article, in a suit brought by such
338. If, at the time any dividend is made, any prosecution be saits pendpending against the trustees, in which a demand against such debtor may be established, the trustees may retain in their hands, the pro- Proportion to portion which would belong to such demand if established, and the
(85) 1 R. L. 161, § 16; 468, § 19. (86) Ib. 162, § 18; 468, § 18. (87) Ib. 469, § 20.
TITLE 1 necessary costs and expenses of such suit or proceeding, to be appli
ed according to the event of such proceeding or suit, or to be distributed in a second or other dividend.
Penalties recovered by
If whole estate not dis
tributed on yearly divi
Creditors omitting to deliver ac
$ 41. Any creditor who shall have neglected to deliver to the trustees an account of his demand, before the first, second, third, or other first dividend, dividend, and who shall deliver his account to them before the se
cond, or other subsequent dividend, shall receive the sum he would have been entitled to, on any former dividend, before any distribution be made to other creditors.88
Surplus to be paid to debt
$39. All penalties which shall be recovered by any trustees, pursuant to the provisions of this Title, shall be deemed a part of the estate of the debtor, and shall be distributed as such among his credi
$ 40. If the whole of such debtor's estate be not distributed on the first dividend, the trustees shall, within one year thereafter, make a second dividend of all the monies belonging to the estate of the debtor, then in their hands, among the creditors entitled thereto as herein. before specified; and in the same manner from year to year, so long as any monies belonging to the estate of such debtor shall remain in the hands of the trustees, they shall make a dividend thereof among the creditors entitled thereto.88
Trustees to render account on eath.
$42. If any dividend that shall have been declared, shall remain unclaimed by the person entitled thereto for one year after the same was declared, the trustees shall consider it as relinquished, and shall distribute it, on any subsequent dividend, among the other creditors.
S43. If after settling the estate of any debtor, and after discharging his debts, entitled to a dividend, any surplus shall remain in the hands of his trustees, the same shall be paid to such debtor or his legal representatives. 89
Allowance to $ 44. Every debtor who shall be discharged under the third, fourth or fifth Articles of this Title, shall be allowed the sum of five per cent. on the nett produce of all his estate, that shall be received by the assignees, to be paid to him by them, in case such nett produce, after such allowance made, shall be sufficient to pay the creditors of such debtor, entitled to a dividend, the sum of seventy cents on the dollar, on the amount of their debts respectively, as the same shall have been ascertained; but the said allowance shall not exceed in the whole, the sum of five hundred dollars.90
$45. Within ten days after any dividend made by any trustees, they shall render on oath, and file with the clerk of the court of common pleas of the county in which they reside, or with a clerk of the
(88) 1 R. L. 161, § 17 & 19; 470, § 23. (89) Ib. 162, § 17; 468, § 19. (90) Ib. 470, § 24; Laws of 1819, p. 117, § 4.
supreme court, an account in writing of all their proceedings in the ART. 8 premises; stating,
1. Their disbursements, commissions, and the dividends made by them:
2. The names and residences of the creditors to whom dividends were made, and the names of those actually receiving them :
3. The property, monies and effects of the debtor remaining in their hands, and the value and situation of such property :
And such trustees may at any time be compelled by a rule of the supreme court, or of the court of common pleas of the county in which they reside, to render such account on oath, on the application of the debtor, or of any creditor.91
ject to order
$46. Such trustees shall be subject to the order of the supreme Trustees subcourt, and of the court of common pleas of the county in which they of courts. were appointed, upon the application of any creditor, or of any debtor in respect to whom they were appointed, in relation to the execution of any of the powers and duties confided to them; and they may May be febe removed by the supreme court, for cause shown.
in com. pleas
to sup. court.
347. Whenever any authority shall be exercised by a court of Proceedings common pleas, or any officer, pursuant to any provisions of this Title, removable inthe proceedings may be removed into the supreme court by certiorari, and there examined and corrected. But no such certiorari shall issue, unless allowed by a justice of the supreme court, or a circuit judge; nor shall it operate as a stay of proceedings, unless it shall be so directed in the order of allowance.
removed, &c. new trustee
may be ap
$48. Whenever any trustee shall be removed, or shall die, or be- If trustee ke come incapacitated to perform his duties, the officer who originally appointed such trustee, or in case of his absence, death, or removal, pointer. any other officer residing in the county where such trustee was resident, who by law would have been empowered to make such appointment, after giving notice, and an opportunity to the creditors to propose proper persons, may appoint another in the place of such trustee, who shall, in all respects, have the like powers and authority, and be subject to the same control, obligations and responsibilities; and the said appointment shall be certified and recorded, as the original appointment was required to be recorded."
349. Any trustee appointed pursuant to the provisions of this Ti- Trustees tle, who shall be desirous of renouncing the trust vested in him, may renounce, apply to the officer, or court from whom his appointment was receiv- may obtain ed, for an order to all persons interested, to show cause why such renunciation should not be accepted.92
(91) 1 R. L. 471, § 27 ; Laws of 1823, p. 138, § 5. (92) Laws of 1823, p. 137, § 4.
TITLE 1. $ 50. If the officer who made such appointment shall not then be in office, such application may be made to a circuit judge, supreme tion to whom court commissioner, or the first judge of the county, residing in the same county where the appointment of such assignee was made.93
Application panied by account.
Affidavit to be annexed.
Notice to show cause.
Notice to be published.
S51. Such application shall be accompanied by a full, true, and just account of all the transactions of such trustee, in that character, and particularly of the property, monies and effects received by him; of all payments made, whether to creditors or otherwise; and of the remaining effects and estate of the debtor, in respect to whom, or whose estate, he was appointed trustee, within his knowledge, and the situation of the same."
$ 52. To such account shall be annexed the affidavit of the trustee, that the said account is in all respects just and true, according to the best of his knowledge and belief: which affidavit shall be subscribed and sworn to, before the officer, or court, to whom the application is made, and shall be certified by him, or by the clerk of the court. 93
$53. Such officer, or court, shall thereupon grant an order, directing notice to be given to all persons interested in the estate of the debtor, in respect to whom or whose estate such trustee was appointed, to show cause on a day, or at a term and at a place therein to be specified, why he should not be permitted to renounce his appointment.93
$54. Such notice shall be published, once in each week, for six weeks successively, in the state paper, and in such other newspapers, as such officer or court shall direct.93
$55. On the day appointed for such hearing, and on such other days as shall from time to time be appointed, if it shall appear that notice was duly published, the officer or court shall proceed to hear the proofs and allegations of the parties.93
When trustee may be al
$56. If it shall appear that the proceedings of such trustee, in relowed to relation to his trust, have been fair and honest, and particularly in the collection of the property and debts vested in him; and if such court or officer be satisfied, that for any reason, it is inexpedient for such trustee to continue in the execution of the duties of his appointment, and that such duties can be executed by another trustee, without injury to the estate of the debtor, or to the creditors; and if no good, cause to the contrary appear, such officer or court shall grant an order, allowing such trustee to renounce his appointment, and to assign the property and effects of the debtor. 93
Trustee to execute as
$57. Such assignment shall be executed by such trustee, to such
signment. person, or persons, as the court or officer shall appoint for that pur
(93) Laws of 1823, p. 137, § 4.